Catriona Nunn From the vibrant student life of the University of York to high-stakes international crime investigations, Tristram Hicks has charted a unique and impactful career path. A History graduate from 1981, Tristam’s journey has taken him from organising student events at Derwent College to leading groundbreaking initiatives in financial crime as a detective superintendent at Scotland Yard. Now an internationally recognised expert, he reflects on the lessons learned along the way and the critical changes needed to combat corruption and money laundering worldwide.
“When I graduated from the University of York in 1981, I didn’t have a clear sense of where I was headed. I loved history, and while I threw myself into my degree (and perhaps a bit too much into the social life), I didn’t yet have a plan for the future. In fact, my path to becoming a detective superintendent and international criminal justice advisor was anything but direct. It took me through jobs in auditing, a decision to join the police, and eventually, years spent tackling some of the world’s most complex criminal challenges, including fraud, corruption, and money laundering.
In my time at York, I was heavily involved in Derwent College’s JCR Committee, which gave me my first taste of leadership – organising the infamous Derwent Barbecue, one of the university’s biggest social events. It was a trial by fire. In the midst of my final exams, I somehow managed to coordinate an event that drew nearly 1,500 people (though we may have slightly exceeded the fire safety limit). York offered me not only a fantastic academic experience but also the chance to develop real-world skills, like managing large projects, that would later serve me well.”
Tristam’s passion for justice was ignited during an early auditing job where he uncovered a case of fraud. This pivotal moment set him on the path to joining the Metropolitan Police and ultimately the renowned Scotland Yard Fraud Squad. His role in implementing the Proceeds of Crime Act 2002 marked a turning point, enabling the routine confiscation of criminal profits for the first time in the UK. For Tristam, it was the start of a lifelong commitment to exposing systemic flaws in the fight against financial crime.
“For 15 years, I worked my way through various roles before finally achieving my ambition of joining the Scotland Yard Fraud Squad. It was a thrilling, if not frustrating, time. Just as I joined, the squad was being restructured, and the Met Police was divesting much of its responsibility for fraud to private firms and the City of London Police. However, by then, I had gained invaluable experience and insight, particularly as the police force underwent its own transformation – one driven by technology, modernisation, and the emergence of new challenges.
One of the most defining moments of my career came with the introduction of the Proceeds of Crime Act (POCA) in 2002, which for the first time in the UK allowed for the routine confiscation of criminal profits. Before this law, convicted criminals often kept the financial gains from their illegal activities, even after serving their sentences. POCA represented a seismic shift in how we approached financial crime, and I played a central role in its implementation. This period laid the groundwork for the next phase of my career: advising governments and international organisations on how to recover stolen assets and combat corruption on a global scale.”
Through decades of work in law enforcement and international advisory roles, Tristam has witnessed how fragmented approaches to anti-money laundering have hindered progress. His co-authored book, The War on Dirty Money, challenges outdated methods and highlights the inefficiencies in global financial crime systems. By combining real-world insights with evidence-based solutions, Tristam hopes to inspire a new era of accountability and effectiveness.
“It was through this work that I began to see the bigger picture of patterns, systemic issues, and gaps in the global effort to tackle what I now call “dirty money.” This realisation eventually led me to co-author The War on Dirty Money with Nicholas Gilmour. Our book seeks to address the critical shortcomings in how we handle financial crime globally, offering practical, evidence-based solutions to a problem that is undermining the stability of societies across the world.
The global war on dirty money, which encompasses crimes such as tax evasion, corruption, and trafficking, costs over $200 billion per year and employs hundreds of thousands of professionals across the financial and criminal justice sectors. Yet despite the vast resources poured into combating these crimes, progress has been slow, and often, efforts are misdirected. The irony is that while these crimes threaten everything from human rights to environmental sustainability, the very systems designed to stop them are often themselves part of the problem.
One of the major issues we highlight in the book is the fragmentation of the anti-money laundering (AML) regime. For decades, the focus has been divided between prevention, primarily managed by the private financial sector, and enforcement, which lies in the hands of law enforcement agencies. These two groups not only operate independently but also use completely different definitions of money laundering, leading to a chaotic and dysfunctional approach. While billions are spent each year on compliance and generating Suspicious Activity Reports (SARs), these reports often never reach the people who can act on them – law enforcement agencies that are critically underfunded and ill-equipped to handle the sheer volume of data.
The War on Dirty Money traces the roots of this problem back to a G7 conference in 1989, which launched the Financial Action Task Force (FATF). Initially, this was a promising global effort to stem the tide of illicit financial flows, but over the decades, the system has been bogged down by self-interest, mismanagement, and an over-reliance on compliance for compliance’s sake. This has resulted in what we call the “mushrooming” of typologies and red flags – a proxy for real-world experience in tackling financial crime. In reality, fines are issued not against the criminals themselves but against shareholders of companies that fail to meet compliance standards. This bizarre carousel of fines sustains the regulators but does little to actually prevent dirty money from flowing through the financial system.
In my work across the globe, I’ve witnessed firsthand the devastating impact of this system. Corrupt officials funnel billions of dollars into offshore accounts and real estate, while the agencies tasked with recovering these assets struggle to keep up. Meanwhile, many countries lack the resources to investigate, let alone prosecute, the individuals responsible. The result is an uneven playing field, where the rich and powerful often escape justice, and the very foundation of global financial stability is undermined.
In essence, the traditional balance of tackling crime through a combination of prevention and enforcement has not been applied to the proceeds of crime. Huge amounts of money, well over $210 billion a year have been poured into dirty money prevention without tangible results. Meanwhile the financial sector is awash with dirty money. The result is an increasingly lawless world, where the primary motive for committing crime is undeterred. Today’s criminal destruction of the planet deserves a criminal justice response. The worthy call for ‘better regulation’ and ‘tax justice’ is, in my view, too little too late. The situation is too grave for that. Ironically, the war on drugs, which for years, has taken aim at the poor, has given us the legal tools and practical experience for a much more urgent and important war on crimes by the rich. If we chose to start a global war on dirty money we are well–equipped to win it. The global standard-setter, the Financial Action Task Force, has created all the institutional infrastructure needed, over the last three decades. The legislation, skills and practical knowledge exist, more or less, in every country. What is missing is money to pay for much more of it. We are not short of money – we are knowingly wasting over $210 billion on a solution that doesn’t work – we just need to move the money to one that does.”
Despite the challenges, Tristam remains optimistic about the fight against dirty money. With the right allocation of resources and a coordinated global effort, he believes it’s possible to disrupt criminal networks and recover billions for public good. Drawing on his York roots, his advice to others is simple yet powerful: focus on fairness, work with ethical people, and play the long game. Through determination and collaboration, he is confident that a more just and equitable world is within reach.
“We have the tools to win the war on dirty money if we choose to use them effectively. The global infrastructure can be harnessed for real change, but it will require a shift in how we allocate resources. We must stop wasting billions on ineffective prevention measures and start investing in the people and technologies that can actually make a difference. Countries like the UK, Ireland, and Kenya have shown that with the right approach, victories are possible. What we need now is a coordinated global effort, one that recognises the urgency of the situation and is willing to tackle the root causes of financial crime, not just its symptoms.
In The War on Dirty Money, we offer a range of policy recommendations aimed at turning the tide. From redefining what constitutes money laundering to better integrating technology into law enforcement, the solutions are there. What’s missing is the political will to act. If we can bring together the best minds in academia, policy, and law enforcement, we can create a system that not only punishes criminals but also recovers the billions of dollars that could be used to tackle global challenges like poverty, poor education, and inadequate healthcare.
Looking back on my career, I see a common thread, whether I was organising student events at York, chasing fraudsters at Scotland Yard, or advising governments on asset recovery, my motivation has always been the same: to make a real difference. The world of financial crime can seem impenetrable and overwhelming, but at its core, it’s about fairness. It’s about ensuring that those who profit from exploitation and corruption are held accountable, and that the wealth they steal is returned to the people who need it most.
If I could offer any advice to my younger self or to anyone just starting out, it would be this: Be kind. Volunteer for the things that matter, and don’t be afraid to take risks. Work with ethical people, and avoid the rest. And most importantly, play the long game. Whether you’re tackling dirty money or just trying to figure out your next step in life, it’s the long-term commitment that makes all the difference.”
If you want to know more about this topic, you can read Tristram’s articles.
